A 2012 U.S. Trust study, Insights on Wealth and Worth, showed that only 49 percent of families view “leaving a financial inheritance as personally important,” while most families and generations, specifically 73 percent of baby boomers, believe they have a “responsibility to be philanthropic.” While we’re trained to focus on tax planning, succession and fiscal longevity, many clients are significantly, if not more, interested in their philanthropic legacy.
This indicates a potential gap between the services that clients need and what we, as advisors, are offering them. At 21/64, we’ve found that as advisors go down the generations and further away from the wealth creators, family members are less focused on leaving a financial inherita...
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